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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 10/25/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-10-2017: Prospect Resources Ltd. announces a Resource Estimation report for its Arcadia deposit at the Arcadia project. Mineral resource update increases Measured and Indicated by 31%. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to ann | |
| Resources: | (Resource, Total): 72.7Mt @ 1.11% Li2O, 119ppm Ta2O5 for 807.8Kt Li2O, 19.1Mlbs Ta2O5 contained | |
| CP/QP: | [Resources]: Gayle Hanssen (Digital Mining Services Ltd.) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further increase in the Mineral Resource estimate at its flagship Arcadia Lithium Deposit in Zimbabwe to 72.7 Mt at 1.11% Li2O (0.2% Li2O cut off). Of importance is the conversion of all the Inferred Resource from the conceptual pit design into Indicated and Measured categories. This increase in confidence in the Mineral Resource classification can allow further optimisation of the pit inventory and Ore Reserves that were declared as part of the PFS study completed by the Company in July. The Mineral Resource upgrade at Arcadia confirms its status as the largest JORC Code reported resource in Africa and the 6th largest globally with an overall Mineral Resource comprising ~808,000t of contained lithium oxide, equating to ~2,000,000t contained lithium carbonate equivalent (LCE) (Figure 2). In response to the upgrades to the Arcadia Mineral Resource estimates, Mr Hugh Warner (Chairman) had the following to say: “Since completion of the PFS, we have been working hard to complete this upgrade to Arcadia’s Mineral Resource estimate. I’m happy to say that the infill drilling completed within the PFS pit inventory areas has converted all the Inferred Resources within the conceptual pit design into Indicated and Measured categories. As announced earlier this week, this infill drilling programme also discovered the Basal Pegmatite (BP). Our team is continuing with pit optimisation studies, after which, we plan to upgrade our Ore Reserves.” | |
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